Overview
Assignment Question(s): (Marks 15)
Q1. What are the Components of Internal Control? Explain each component.
(5 points).
Q2. Why must an auditor assess materiality? (2.5 Points)
Q3.You are the owner of a small grocery store, Corner Marketplace. Explain the five process categories and how they apply to your business. (2.5 Points)
Q4. Name two management assertions pertaining to the inventory account balance and explain why they are considered in an audit. (5 points)